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Mai Gong Mo Jio...Yahoo Finance say CDL has very good potential as it is very undervalue...dun miss the boat

CDL calls for trading halt, cancels results briefing​

In documents filed with SGX, CDL posted full-year results that showed a fall in both revenue and net profits.
 
Singaporean property developer City Developments Limited (CDL) has had a significant exposure to China, including a large investment in Chongqing Sincere Property Group and a purchase of a site in Shanghai.

Chongqing Sincere Property Group
  • CDL acquired a majority stake in Sincere in April, but the pandemic and China's "three red lines" policy caused liquidity issues

  • CDL wrote down its investment in Sincere by US$1.3 billion, which was its biggest loss ever

  • CDL sold its stake in Sincere for US$1, and all of its nominee directors and officers resigned from Sincere and related companies
Shanghai site
  • CDL purchased a US$1.3 billion site in Shanghai, which marked a shift in its confidence in China's property market

  • DBS analysts noted that the site's location and lack of available land-banking opportunities in the area supported the price

Impact on CDL
  • CDL's investment in Sincere was a major factor in its poor financial performance in 2020

  • CDL took steps to limit further damage from Sincere, including ring-fencing its financial exposure
 
Huat Big Big coming?
This time mega Heng Ong Huat?
Where is our in-house DeepThroat KopiSoh?
 
Still have profit de


City Developments Limited (CDL) : C09 0% announced on Wednesday (Feb 26) morning that it is canceling its results briefing that was scheduled to be held on the same day, pending announcements.

That was to be at 10 am on Wednesday for both the media, as well as analysts.

The company also issued a bourse filing shortly after it posted its H2 and FY2024 earnings, calling for a trading halt.

“Following the release of the request for trading halt announcement, the company will be cancelling the FY 2024 results briefing, pending release of further announcements,” it said.

The property company posted a profit of S$113.5 million for its second half ended Dec 31, down 54.7 per cent from S$250.8 million in the previous corresponding period.

For the full year, CDL’s net profit stood at S$201.3 million, down 36.6 per cent from S$317.3 million in the year-ago period.
 

Battle erupts between billionaire Kwek Leng Beng and son Sherman Kwek for control of CDL​

https://www.straitstimes.com/busine...-leng-beng-and-son-sherman-for-control-of-cdl

SINGAPORE - A tussle between father and son for control of property giant City Developments Limited (CDL) was revealed on Feb 26 with executive chairman Kwek Leng Beng publicly criticising his son Sherman Kwek, who is CDL’s group chief executive.

The older Kwek said he has filed court papers on Feb 26 to deal with the “attempted coup” by his son Mr Sherman Kwek, 49, Mr Philip Lee and Ms Wong Ai Ai and a group of directors acting with them to allegedly consolidate control of CDL’s board.

“In response, we have filed court papers today to set things right. This is necessary to deal with this attempted coup at the board level and restore corporate integrity,” said Mr Kwek, who will be 84 this year.

“We intend to change the chief executive officer at the appropriate time. We will continue to explore all legal options available to us to vigorously defend and protect the interests of CDL and its shareholders,” he said.

Mr Kwek said this was not the first time Sherman’s decisions have put CDL in a “precarious position”.

He went on to cite the Chinese developer Sincere Property Group debacle that led to a $1.9 billion loss for CDL in 2020; poor investment decisions in the UK property market which resulted in significant financial losses and contributed to a 94 per cent drop in profit the first-half of 2023; as well as the underperformance of CDL’s share price since Sherman assumed leadership in 2018.

This reflects “eroded investor confidence and shareholder concerns over strategic missteps”, Mr Kwek said.

“As a father, firing my son was certainly not an easy decision. I accept that business decisions are difficult and young people may make business mistakes in their careers and that is understandable, but circumventing corporate governance laws is a red line,” he said.
 

Free like a Singaporean: 50% of city professionals work no more than 3 days in office per week​

Michael Petraeus
Michael Petraeus
23 mins ago
flexible-singaporean-1024x538.jpg

Disclaimer: Unless otherwise stated any opinions expressed below belong solely to the author.
Click to expand...
While many companies in America are pushing for full return to office of all of their employees for five days a week, including tech giants like Amazon, with Elon Musk recently extending his demands to all federal employees currently evaluated by his Department of Government Efficiency (DOGE), Singapore seems to be bucking the trend.

Not only did the official Tripartite Guidelines for Flexible Work Arrangements (FWA) take effect in December—a product of consultation between the government, unions and employers—but the companies themselves have embraced the hybrid work model following the pandemic.

Thanks to a survey included in Hays’ 2025 Asia Salary Guide we now know exactly how common the practice is in Singapore and several other Asian nations.

Free at work​

As it turns out Singaporeans enjoy by far the most freedom of all surveyed nations, followed—surprisingly perhaps—by Japan, where nearly a fifth of professionals are permitted fully remote work (although nearly 40% are still expected to show up at the office five days a week).

In Singapore the traditional full-time arrangement applies only to a third of white-collar workers:

Image Credit: Hays
Full 66%, or two thirds, of Singaporeans are already given at least one day to work from home and for 50% that is two or more.

By comparison, 62% of mainland Chinese are expected to work as usual and even in the more liberal Hong Kong it is still a requirement for over 50% of the workforce.

Even in neighbouring Malaysia, usually considered more relaxed and less disciplined than Singapore, close to half of the workers are expected to turn up daily.

Is hybrid work here to stay?​

For the time being it certainly is but employers will look closely at how companies like Amazon, Tesla or JP Morgan—which have been most vocal about full-time return to office policies—function compared to their more flexible counterparts.

CEOs opposing remote work do have a point saying that it impedes collaboration and may lead to breakdowns in teamwork, as people who fundamentally have to cooperate as a group don’t see each other often enough, don’t build relationships, and don’t communicate effectively.

This is especially true for work on complex projects where many people are involved.
 
Chase said:
Mr Kwek said this was not the first time Sherman’s decisions have put CDL in a “precarious position”.

He went on to cite the Chinese developer Sincere Property Group debacle that led to a $1.9 billion loss for CDL in 2020; poor investment decisions in the UK property market which resulted in significant financial losses and contributed to a 94 per cent drop in profit the first-half of 2023; as well as the underperformance of CDL’s share price since Sherman assumed leadership in 2018.
Click to expand...

Sherman's mother sided him and complained about Kwek Leng Beng's brother in public.

Chase said:
Cecilia Kwek, the wife of Kwek Leng Beng and mother of Sherman Kwek, did not mince her words in her first public comments on the incident. “It hurt my husband, it hurt my elder son, it hurt me. It was a big letdown,” she said.
https://www.scmp.com/week-asia/peop...split-within-singapore-tycoon-kwek-leng-bengs

​
Mr Kwek Leng Peck was right and he was the prudent one.

It's always like that. The extended family risk being ruined when daughter-in-laws start to get involved, and wash their dirty linen in public to defend their kids.
Click to expand...
 
Sherman lost his pants in China a few year ago.
He wants to double down now

1 November 2024
CDL JOINTLY ACQUIRES RARE MIXED-USE DEVELOPMENT SITE IN DOWNTOWN SHANGHAI
FOR RMB 8.94 BILLION WITH PRC PARTNER LIANFA GROUP
 
Sherman's attempt to bypass the Nominating Committee to appoint two other directors, was against the Code of Corporate Governance. A board meeting was held with no vote being taken, and a Directors’ Resolution in Writing for the appointment of the two new directors was circulated and approved within hours, bypassing the NC.

The new reconstituted board objected Quek Leng Beng's demand to dismiss Sherman for the violation.
 
Rightfully , there is a powerful chap from Sherman's generation (Singapore side) who will get to inherit part of Singapore HL empire and part of Malaysia HL empire.
 
Blackrock had been reducing their CDL stake for a few years since Sherman buanged in China.
 
Chase said:
Sherman lost his pants in China a few year ago.
He wants to double down now

1 November 2024
CDL JOINTLY ACQUIRES RARE MIXED-USE DEVELOPMENT SITE IN DOWNTOWN SHANGHAI
FOR RMB 8.94 BILLION WITH PRC PARTNER LIANFA GROUP
Click to expand...
 
Everyone is betting big on China's investment.
But sad enough, he does not have time to look at the media and the latest happening in China during the covid period. It's terrible beyond words. If he has, he will dump his investment when the investment is still worth some money and withdraw the investment.

Insider has been rumouring the President Xi will be relief off his posting soon, and it will happen before 2026.
 
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